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Unit 8          Auditing
二、Key points
15. 对舞弊和法律法规的考虑
ISA 240 recognizes that misstatement in the financial statements can arise from either fraud or error. The distinguishing factor is whether the underlying action that resulted in the misstatement was intentional or unintentional.
Fraud can be split into two types:
①Fraudulent financial reporting: deliberately misstating the accounts to make the company look better/worse than it actually is.
②Misappropriation of assets: the theft of the company’s assets such as cash or inventory.
The external auditor is responsible for obtaining reasonable assurance that the financial statements, taken as a whole, are free from material misstatement, whether caused by fraud or error. In order to achieve this,auditors must maintain an attitude of professional skepticism.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements may not be detected, even when the audit is planned and performed in accordance with ISAs.
If the auditor identifies a fraud they should communicate the matter on a timely basis to the appropriate level of management.
The directors have a primary responsibility for the prevention and detection of fraud. By implementing an effective system of internal control they should reduce the possibility of undetected fraud occurring to a minimum.
Management are responsible for ensuring the entity complies with relevant laws and regulations. The auditor is responsible for obtaining reasonable assurance that the financial statements are free from material misstatement. Non-compliance with laws and regulations can impact the financial statements. In the worst case scenario this could affect the ability of the company to continue as a going concern(持续经营). Therefore the auditor has to consider compliance with laws and regulations when planning, performing and reviewing audit procedures. In addition the auditor may also need to report identified non-compliance with laws and regulations either to management or to a regulatory body ( in the case of breach of money laundering regulations ), if the issue requires such action.
16. 专家工作
ISA 620 states that the auditor should obtain sufficient and appropriate evidence that the work of the expert is adequate for the purpose of the audit. In making this assessment the external auditor must assess the expert’s independence and objectivity and competence.
17. 内部审计人员的工作
ISA 610 states that before relying on the work of internal auditors, the external auditor must determine whether it is likely to be adequate for the purposes of the audit. If the auditor considers it appropriate to use the work of the internal audit function they then have to incorporate this into their planning to assess the impact on the nature, timing and extent of further audit procedures. They also have to plan adequate time to review the work of the internal audit function.  
18. 集团审计
The group engagement partner is responsible for the direction, supervision and performance of the group audit engagement in compliance with professional standards and applicable legal and regulatory requirements.
As a result, the auditor’s report on the group financial statements shall not refer to a component auditor, unless required by law or regulation to include such reference.
If such reference is required by law or regulation, the auditor’s report shall indicate that the reference does not diminish the group engagement partner’s or the group engagement partner’s firm’s responsibility for the group audit opinion.
Acceptance and Continuance承接与保持
In applying ISA 220, the group engagement partner shall determine whether sufficient appropriate audit evidence can reasonably be expected to be obtained in relation to the consolidation process and the financial information of the components on which to base the group audit opinion.
For this purpose, the group engagement team shall obtain an understanding of the group, its components, and their environments that is sufficient to identify components that are likely to be significant components.
Where component auditors will perform work on the financial information of such components, the group engagement partner shall evaluate whether the group engagement team will be able to be involved in the work of those component auditors to the extent necessary to obtain sufficient appropriate audit evidence.
Communication with the Component Auditor
The group engagement team shall communicate its requirements to the component auditor on a timely basis.
This communication shall set out the work to be performed, the use to be made of that work, and the form and content of the component auditor’s communication with the group engagement team.
The group engagement team shall request the component auditor to communicate matters relevant to the group engagement team’s conclusion with regard to the group audit.
19. 持续经营假设
Both directors and auditors of an entity have responsibilities regarding going concern. ISA 570 states that the auditor needs to consider the appropriateness of management’s use of the going concern assumption. The auditors need to assess the risk that the company may not be a going concern. Where there are going concern issues, the auditor needs to ensure that the directors have made sufficient disclosure of such matters in the notes to the financial statements.
20. 书面说明
A written representation is a written statement by management provided to the auditor to confirm certain matters or to support other audit evidence.
Unfortunately, written representations are internal sources of evidence, and are therefore subject to bias. They are therefore potentially unreliable forms of audit evidence. They do not , on their own, constitute appropriate evidence. They do not, on their own, constitute sufficient evidence.  




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